Investing in Women’s Health: Unlocking Capital for an Underserved Market

On 18 June, PYM, Borski Fund and Cross-Border Impact Ventures welcomed investors, entrepreneurs and healthcare innovators to an intimate gathering during HLTH Europe 2026 to explore one central question: what will it take to mobilize more capital towards women’s health?

Hosted in the home of PYM ambassador Paul, the afternoon brought together diverse perspectives from across the investment and healthcare ecosystem for an open conversation on opportunities, challenges and emerging trends in women’s health investing.

Why Women’s Health Remains an Investment Opportunity

The discussion highlighted a persistent imbalance in venture capital allocation. While only a small fraction of venture funding reaches female founders, an even smaller share is invested in women’s health innovations.

One striking example came from a recent FemTech event attended by participants. A comparison of disease severity versus funding levels showed that conditions such as erectile dysfunction continue to attract significant investment despite relatively limited impact on quality of life, while many health issues affecting women - often with profound physical, emotional and economic consequences - remain severely underfunded.

This imbalance represents both a challenge and an opportunity. As Borski Fund noted, many women’s health companies are still overlooked by traditional investors, despite addressing large unmet needs and serving substantial markets.

Measuring Impact Beyond Financial Returns

The conversation explored how investors measure impact without creating unnecessary reporting burdens for portfolio companies.

Both funds track indicators related to access, health outcomes and diversity, but participants agreed that impact measurement should ultimately support action rather than become an end in itself. Time spent helping companies reach more patients often generates greater value than endlessly refining reporting frameworks.

For women’s health investments specifically, important outcomes include improved patient experiences, earlier diagnosis, better treatment pathways, reduced burden on healthcare systems and increased access to care.

Addressing the Blind Spots in Healthcare

One of the most powerful moments of the afternoon came from audience members sharing personal experiences of navigating the healthcare system.

Participants highlighted that women’s health is often narrowly framed around reproductive health, while conditions affecting women across cardiovascular health, autoimmune diseases, mental health and other areas frequently receive less attention. Several attendees described experiences of delayed diagnosis, underdiagnosis and feeling dismissed by healthcare professionals despite persistent symptoms.

The discussion reinforced the importance of designing healthcare innovations around real patient needs. Cross-Border Impact Ventures explained that they carefully examine clinical trial data to understand who a product has been tested on and whether diverse populations have been included. Testing solutions on only one demographic group can lead to poorer outcomes for many patients.

Participants also discussed how emerging technologies, including machine learning, may help tailor treatments and medical devices to different populations, potentially addressing longstanding gaps in healthcare research.

Innovative Companies Driving Change

Several portfolio companies were highlighted as examples of innovation in the sector.

Cross-Border Impact Ventures shared the example of DAYE, a company rethinking menstrual health products. Starting with the observation that most tampons are manufactured under surprisingly basic standards, the company developed safer products while also creating new diagnostic opportunities. Their technology can be used for screening conditions such as HPV and other infections, with potential future applications in cancer detection.

Borski Fund highlighted ShanX, a company improving diagnostics for urinary tract infections. By enabling rapid testing at the point of care, healthcare providers can prescribe more targeted antibiotics much faster than traditional laboratory testing allows, improving patient outcomes while reducing unnecessary antibiotic use.

These examples demonstrated how women’s health innovation increasingly spans diagnostics, digital health, medical devices, biotech and preventative care.

Why Funding Women’s Health Still Looks Different

The conversation also explored some of the unique investment dynamics within women’s health.

According to Cross-Border Impact Ventures, one of the challenges is that relatively few investors are willing to lead early-stage women’s health deals. While later-stage rounds often attract significant interest, there remains a funding gap at the Series A and Series B stages.

This creates an interesting market dynamic. Women’s health companies often experience more modest valuations early on due to limited competition among investors. However, once these businesses reach later stages, particularly Series C, competition for deals increases significantly, often resulting in strong valuation growth.

As a result, women’s health investments may not always appear as attractive on paper during the earliest stages, but they can create substantial value over time as the broader market begins to recognize their potential.

A Changing Fundraising Landscape

Despite ongoing challenges, both investors expressed optimism about the future.

Cross-Border Impact Ventures noted a growing number of female wealth holders seeking investment opportunities that align with their values and experiences. Whereas some women were previously discouraged by traditional investment advisors from allocating capital to women’s health or impact-focused funds, the situation appears to be changing. Increasingly, family offices, wealth holders and asset managers are proactively seeking exposure to these sectors.

At the same time, the investment opportunity set continues to expand. Investors reported that the current pipeline of women’s health companies is stronger than ever, particularly at the intersection of biotechnology and women’s health.

Borski Fund observed another encouraging trend: the growing involvement of next-generation family members in investment decisions. In particular, they see increasing interest from fathers whose daughters are influencing family investment priorities and encouraging greater consideration of gender diversity and women’s health opportunities.

Capital Is Only Part of the Equation

Another recurring theme was the importance of “smart capital” - investors who contribute expertise, networks and strategic support alongside financial investment.

Both funds described highly engaged investor communities that actively support portfolio companies. Investors often serve as advisors, participate in investment committees, provide specialist expertise and help founders build commercial partnerships.

This support is particularly important for female founders, who may not always have access to the same networks as their male counterparts. As one participant noted, male founders often call friends of their fathers when raising capital, while women may have fewer established pathways into investor networks.

Cross-Border Impact Ventures similarly leverages a broad network of healthcare experts, pharmaceutical companies, corporate partners and experienced operators to support portfolio companies as they scale.

Reasons for Optimism

The afternoon concluded on an optimistic note.

What was once viewed as a niche investment category is increasingly being recognized as a major market opportunity. Investor awareness is growing, the quality of innovation is improving, and more capital is beginning to flow into the sector.

Most importantly, participants shared a common belief that women’s health should not be considered a niche issue. It affects half the world’s population, influences economic participation, family wellbeing and healthcare outcomes, and represents one of the most significant untapped opportunities in impact investing today.

As awareness grows and more investors engage with the sector, the potential for both financial returns and meaningful social impact has never been greater.